RBI To Circulate Rs 2000/- Denomination Very Soon

Reserve Bank of India (RBI) to Release Rs 2000/- Denomination Note

The denomination of Rs 2000/- Notes will soon circulate by the RBI (Reserve Bank of India). According to the reports gathered, RBI had completed all its preparations to release the new high valued Rs 2000 denomination very shortly.

The printing of the Notes done, and the dispatching of them is ready from the printing press, Mysuru is commenced. The government decided to issue and circulate Rs 2000/- notes on the advice of RBI. The Public can transact with this high valued denomination very soon.

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This significant financial move is due to the growing demand for some notes of Rs 1000/- and 500/- denominations to withdraw and also to prevent the hoarding of black money. Many think that Rs 2000/- is the highest denomination so far, but to your concern, Rs 10,000/- note, the highest denomination bill printed by the Reserve Bank of India from 1938 and in 1954. Later, they demonetized in 1946 and 1978.

Concerning the currency value, Rs 500 and Rs 1000 notes together accounted were 86.4 % of the total value of notes. The value in the circulation of the Banknotes was about Rs 16, 41,500 lakh crore; the valuation has 14.9% increases when compared to the previous year.

No official statement reveal on the circulation of Rs 2000/- notes either by the government or by the RBI.

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RBI Annual Report 2015-16 said “During 2015-16, the demand for banknotes and coins remained high notwithstanding the growing shift towards non-cash modes of transactions,”

It costs Rs 3/- for printing a single Rs 1000/- note. In such case printing of smaller denominations more would relatively cost more when compared to high denomination.  The Currency Coins and Notes minted/ printed by SPMCIL (Security Printing and Minting Corporation of India Limited) at about eight units all over the country.